Novice trader ... who will help ?

As a novice trader ... would it be 'smart' to sign up for a stockpicking service that provides trades ?

BigK said:

As a novice trader ... would it be 'smart' to sign up for a stockpicking service that provides trades ?

Click to expand...

No.

Good luck,

Silvia.

I have a much cheaper solution. You need a wall you don't mind painting soon, a copy of the FT and a set of darts.....

BigK said:

As a novice trader ... would it be 'smart' to sign up for a stockpicking service that provides trades ?

Click to expand...

Start reading everything on this site , and when you have read it,
you will know not to ask the question

Good morning, Joules. How are you today? Fine, i hope. RUDEBOY.

First learn then trade...for the sake of your money

Hello BigK, What are your objectives ?

Thanks for the replies ! I shall give you some answers ...

1) objectives ? I run a business now but I want to sell it & I want to become a fulltime trader if possible. I want to able to earn a living by trading.

2) how ? I WANT to find an eduction or a mentor that can teach me to trade but it seems hard to find a good one !

If you know nothing about trading ,then i suggest you immerse into studying the essence of a market and the essence of trading.

Starting point books. so many to choose. but ive found helpful years back Jack Schwager on futures, technical analysis. A. Elder, come into my trading room. V. Tharp. Trade your way to financial freedom. (titles a bit corny) . M. Douglas, The disciplined trader.
Market wizards, and New market wizards, by Jack schwager. (interviews with successful traders)

Those should help you step into the nature of the business from which you will begin to ask questions, and form first step direction of where you will head from there.

Id avoid taking tips.

Just my opinion on these books mate. But thats what id give to a friend to kick off with. Im sure others may put forward more/different titles. review them on the net if you have doubts etc...


You will perhaps begin to realise that relying on tips is not the way forward as it depends on your own psychological mindset/personality to fit with method and you wont know that until you know "yourself" which is no bad thing.

I'm not a real newbie on the stockmarket. I have experience in investing (value investing & position trading) but I'm a rookie when we talk about daytrading. In the past I bought some books but I guess thats not what I'm lookin for ! I need something 'more'

ok can you say what "more" is ?

What did you find out with position trading, what did you notice, what are your thoughts on it for it against etc ?

* More = a good course or something like that ! If want to become an accountant I would also follow a course or try to find some kind of education ...

* The result of positiontrading I see as a bonus for the (smart ?) investment you make. However, the results are not consistent ! Thats why I would like to begin daytrading. At the end of the day you can see the results of your efforts.

it would be more profitable if you just deposited all your money into my account and then at the end of each year i gave you one dollar..this way you will make more money than by using any bought trading system

BigK said:

* More = a good course or something like that ! If want to become an accountant I would also follow a course or try to find some kind of education ...

* The result of positiontrading I see as a bonus for the (smart ?) investment you make. However, the results are not consistent ! Thats why I would like to begin daytrading. At the end of the day you can see the results of your efforts.

Click to expand...

In my experience day trading is like position trading but faster. If you don't trade profitably as a position trader, It will probably be even harder to do it daytrading. Anyway, what kind of trading style did you have when trading long term? The books that FXmarkets recommends are very good to start with. I don't understand what you mean by a 'course'. They don't teach trading at university, you have to build you own 'course', starting with those good books, for example. Don't be put off by the titles. Once you've read those and you've got a more general idea about stuff, there are lots more to read. If you tell me what is your trading style I may be able to suggest some further reading.

Good luck,

Silvia.

silviaic said:

In my experience day trading is like position trading but faster. If you don't trade profitably as a position trader, It will probably be even harder to do it daytrading. Anyway, what kind of trading style did you have when trading long term? The books that FXmarkets recommends are very good to start with. I don't understand what you mean by a 'course'. They don't teach trading at university, you have to build you own 'course', starting with those good books, for example. Don't be put off by the titles. Once you've read those and you've got a more general idea about stuff, there are lots more to read. If you tell me what is your trading style I may be able to suggest some further reading.

Good luck,

Silvia.

Click to expand...

* I would search for undervalued stocks or stocks that are pushed down too heavy by the market by an overreaction of the investors

* What do you think about a course like daytradinguniversity.com ?

ok Bigk, those books will give you a starting point, most involve the authors trading so they worked through or been exposed to the issues that you will encounter on many time frames. But if you have plenty of time position trading and it isn't up to par as yet then daytrading will potentially accelerate that feedback to you on a daily basis. You may be suited to daytrading but its to do with you at the end of the day. I see the same cycles happening on short time frames as in hourly, daily,wekly. The advantage of daytrade is you have many more opportunities, so you can be selective. but the same principles apply to longertimeframe. Can you give an example of an entry you take on position. entry, stop and profit target etc. reason behind it. ? Post one up or something? can you find those entries of shorter timeframes? they will be present.

And what books have you read any of the mentioned above ? I'd still say get them. schwager on futures deals with daily trades longer term, BUT the principle charts etc can be found in all timeframes, he goes through about 200 plus of trades he made whilst writing the book, thinking before and after, but you can apply the principles to 1 minute, 5 minute bars for any market. you see the charts before and after too. Those books are primers.... a starting point..

Like silvia says whats your trading style, when do or have you perceived low? risk opportunity in a market.
Or if you dont know can you describe what you currently think would be a good trade to take ?

BigK said:

* I would search for undervalued stocks or stocks that are pushed down too heavy by the market by an overreaction of the investors

* What do you think about a course like daytradinguniversity.com ?

Click to expand...

daytradinguniversity.com: I went to the website. Not my style, don't like it. There is nothing they can teach you that you couldn't learn by yourself.

Did you do well searching for undervalued stocks...etc.? That's ok, but you'll have to wait to be at the right place, right time when that happens. If you find long term too long, I don't think you have the right approach.

What books did you read about trading?

Silvia.

* Example of my trades ? When I found an undervalued stock I want to buy I look at the 1-Year chart to find a good entry point (with some basic TA).

My latest stock I bought: IDT - Nyse - @ 12.80 - Fair value is at least $23 or more

* What books did I read about daytrading ? Well to be honest ... none. I am a master in Applied Economics so I can estimate the value of a company and that is how I search for stocks (like Warren Buffet I guess). Don't get me wrong ... If you tell me I should read a certain book I will certainly do it if it is usefull (and I can find it in a store ). I just thought that maybe it would be better to try to find a course on the internet that is very specific about daytrading.

i 2 is a novis trader part time taxi driver and wanabe day trader, had no real education just ducked and dive most of my life,but got a good wedge behind me at the mo and wana day trade big time in the near future but for the time being daytrade with my fins account only with £200 to start with till i learn a lot more and get more confident so at the min i trade 50p to £2 a point max which in 2weeks ive taken my acc,up to £300 which iam pleased with made a few mistakes but are limited because i use s/l on every trade i do which i learned from the f.t.s.e.beater on another thread which took me the last 2 weeks 2 read,and at the min still learning to read charts,would like to hear from anyone who wants to exchange there views,all i wana do is learn........ thanx

Yes bigk. if you are looking at short term daytrading holding for a few mins to half hour or so then start with the books,they are good value. the net is littered with everything yet plenty of it free. using the books you may see that the method is one you should find to fit in with you. And the method is a small part of it. You could be given many methods that you will simply not stick with because of your personality/ lack of understanding what trading is about, ie you. your mental state in the opportunity selection, execution,risk perception and control, and exit requirements. its all mental.

Id still say read the books then come back and if you still want a course perhaps ask here, there are a few going. Someone may reccomend.

What are your thoughts or research into the psychological aspects of trading and the person/trader operating in a non structured environment. No matter what method you obtain. You have to pilot it. Dont forget yourself.
Oh and dont worry about what you cannot control either. ie the market and where its going.